Ferrari Reports $1.36 Billion in Profits for 2023

Ferrari’s results in the luxury sports car manufacturing company exceeded analysts’ expectations on Wall Street for the fourth quarter, marking a record year of profits.

The car manufacturing company announced a net profit of 1.26 billion euros ($1.36 billion) for 2023, including 294 million euros ($317.9 million) in the fourth quarter.

Its adjusted earnings before interest and taxes reached 1.62 billion euros ($1.75 billion) for the year, including 372 million euros ($402.3 million) in the last quarter.

Ferrari’s revenues increased by 17% to 5.97 billion euros ($6.46 billion) in the previous year, with a 11% growth in the fourth quarter to 1.37 billion euros compared to 2022.

The company expects to achieve revenues exceeding 6.4 billion euros ($6.9 billion) this year. Ferrari’s shares reached a new 52-week high on Thursday, rising by approximately 12% to nearly $390 per share on the New York Stock Exchange.

Shipments of Ferrari cars increased by 3% last year to 13,663 units in 2023, including 3,245 units in the fourth quarter.